Binance Executive Escapes Custody in Nigeria Amid Tax Evasion Allegations



Nadeem Anjarwalla, one of the two Binance executives detained in Nigeria for alleged tax evasion and other offenses, reportedly escaped from police custody. According to Premiumtimes, security sources revealed that Anjarwalla, 38, escaped on Friday, March 22, from the Abuja guest house where he and his colleague were being held. Guards on duty reportedly led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast, and he took the opportunity to flee.


Anjarwalla, a British citizen who also holds Kenyan citizenship, is believed to have flown out of Abuja using a Middle Eastern airline. It remains unclear how he managed to board an international flight with only his British passport, which was in the custody of Nigerian authorities.


Authorities are working to determine Anjarwalla's intended destination in an effort to apprehend him. An Immigration official stated that Anjarwalla fled using a Kenyan passport, but it is unclear how he obtained this passport since he had no other travel document apart from his British passport when taken into custody.


The two officials were reportedly held at a comfortable guest house and were allowed many rights, including the use of telephones. Anjarwalla is believed to have exploited this privilege to plan his escape.


The Nigerian government had detained Anjarwalla, Binance's Africa regional manager, and Tigran Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, upon their arrival in Nigeria on February 26, 2024. A criminal charge was filed against them before a Magistrate Court in Abuja, which granted the Economic and Financial Crimes Commission (EFCC) an order to remand the duo for 14 days. The court also ordered Binance to provide the Nigerian government with data/information of Nigerians trading on its platform.


Due to Binance's refusal to comply with the order, the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The case was adjourned until April 4, 2024.


On March 22, the Nigerian government approached the Federal High Court in Abuja and filed another four-count charge against Binance Holdings Limited, Anjarwalla, and Gambaryan. They were accused of offering services to subscribers on their platform without registering with the Federal Inland Revenue Service to pay relevant taxes, among other charges.


The Nigerian government has been cracking down on suspected money launderers and terrorism financiers, alleging that some are using the Binance platform for criminal activities. It claimed that over $21.6 billion was traded by Nigerians whose identities were concealed by Binance, and that unscrupulous elements were using the platform for money laundering, terrorist financing, currency speculation, and market manipulation, which was distorting the Nigerian economy and weakening the Naira against other currencies.







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